Norwegian Finans Holding ASA : STRONG GROWTH AND EARNINGS IN BANK NORWEGIAN


Norwegian Finans Holding ASA : STRONG GROWTH AND EARNINGS IN BANK NORWEGIAN

The Group's comprehensive income in the second quarter amounted to NOK 483 million after tax, an increase of NOK 72 million from the first quarter. The earnings development is driven by strong lending growth, stable margins, increased net other income, good cost control and stable credit quality.

The strong customer and lending growth continued in the second quarter, with loan growth of NOK 1.8 billion, while deposits increased by NOK 1.9 billion. The bank recruited 77,000 new customers in the second quarter.

At the end of the second quarter, the bank had a customer base of 1,392,600 customers, divided among 1,018,300 credit card customers, 187,400 loan customers and 186,900 deposit customers.

Bank Norwegian started its operations in November 2007 and offers consumer loans, credit cards and deposit accounts to retail customers distributed through the Internet in the Nordic market. Bank Norwegian offers, in cooperation with the airline Norwegian, a combined credit card and reward card. The bank started operations in Sweden in May 2013. In December 2015 the bank launched consumer loans and deposit accounts in Denmark and Finland, while credit cards were launched in June 2016.

Bank Norwegian is a digital bank that offers simple and competitive products to the retail market. The strategy is based on leading digital solutions, synergies with the airline Norwegian, attractive terms for our customers, cost-effective operations and effective risk selection.

For further information, see Interim Report for the second quarter 2018 and Investor Presentation for the second quarter 2018, which is available at:

https://www.banknorwegian.no/OmOss/InvestorRelations

For any questions please call:

CEO Tine Wollebekk; phone:  +47 40805557 

CFO Pål Svenkerud; phone:  +47 93403904

https://www.banknorwegian.no

 

This information is disclosable under the Norwegian Securities Trading Act section 5-12.




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Source: Norwegian Finans Holding ASA via Globenewswire